This case presents the hypothetical situation where Continental Airlines approaches a large bank headquartered in New York for a $25 million loan. At the time, Continental was reported to be in merger talks with United Airlines, and was already in the process of divesting key investment holdings, cutting executive salaries, and reducing its fleet size. This case puts students in the role of corporate lending analysts who support senior bankers in the execution and management of its loan portfolio. Using exhibits and financial data, students capitalize Continental's operating leases to determine the risk associated with a loan.